FY 2025 RESULTS - RECORD-HIGH ORDER BACKLOG AND REVENUES GROWTH PATH TO CONTINUE IN 2026

Highlights

• Record-high level of backlog and revenues. Net Income above Guidance 
• Consolidation of Vega C flight operations: four launches successfully completed in twelve months
• Success of Ariane 6 missions: contract for over EUR 200 million signed with ArianeGroup secures production of Ariane 6 items through 2029
• Rights issue successfully completed: EUR 400 million raised mainly to fund the construction of a factory in the United States
• Growth of the defense business: memorandum of understanding signed with Raytheon and Lockheed Martin

• Proposal to the Shareholders' meeting for a dividend distribution in 2026 for EUR 6.8 million (Euro 0.14846 per share)

Economic and financial results

• Order backlog: EUR 2,166 million (+25.6% vs. December 2024)
• Net Revenues: EUR 541.7 million (+22.7% vs. December 2024)
• EBITDA Reported: EUR 32.3 million (+24.9% vs. December 2024)
• EBITDA Adjusted: EUR 34.8 million (+30.8% vs. December 2024)
• EBIT Reported: EUR 12.0 million (+42.7% vs. December 2024)
• EBIT Adjusted: EUR 14.5 million (+58.3% vs. December 2024)
• Net Income: EUR 11.6 million (+81.6% vs. December 2024)
• Net Financial Position: EUR 591.7 million (+EUR 501.6 million vs. December 2024) 

Guidance 2026 

• Order backlog: EUR 2,000 – 2,100 million 
• Net Revenues: EUR 560 – 590 million 
• EBITDA Reported: EUR 27 – 35 million 
• EBITDA Adjusted: EUR 29 – 37 million 
• Net Income: EUR 8 – 13 million 

Rome, 12 March 2026 – The Board of Directors of Avio S.p.A. today reviewed and approved the 2025 Financial Report, pursuant to art. 154-ter of the Consolidated Law on Finance (TUF).

Avio, an aerospace company listed on the STAR segment of the Italian Stock Exchange, reports for 2025 an order backlog of EUR 2,166 million, scoring a +26% growth compared to December 31, 2024. New orders acquired during the period amounted approximately to EUR 1 billion, mainly related to Vega launch service contracts acquired as part of the transfer of responsibility from Arianespace to Avio, to the contract exceeding EUR 200 million signed with ArianeGroup for the production of Ariane 6 components, as well as, for approximately EUR 250 million, to defense propulsion orders signed with European and US customers.

Net Revenues, amounting to EUR 542 million, are essentially at the upper end of the Guidance range, and scored a +23% growth compared to 2024 thanks to Vega C production activities, to the increase of the production of P120C/P160C boosters for Ariane 6, as well as to the growth in the defense business.

EBITDA Reported, amounting to EUR 32.3 million and up by approximately 25% compared to 2024, is in line with Guidance targets and reflects the improvement in revenues mainly driven by the growth of the space business.

EBIT Reported, equal to EUR 12.0 million, reflects the same improvement pattern as EBITDA and shows an increase of EUR 3.6 million (+43%) compared to 31 December 2024, although such growth is partially offset by higher depreciations mainly for Vega C cadence increase and IT improvement projects.

EBITDA Adjusted and EBIT Adjusted, amounting to EUR 34.8 million and EUR 14.5 million respectively, also increase compared to the corresponding figures of the previous financial year. 

Net Income, amounting to EUR 11.6 million, exceeds the Guidance targets and is up by EUR 5.2 million (+82%) compared to 2024, reflecting the improved operating performance and the financial incomes gained on available cash.

Net Financial Position amounts to EUR 591.7 million, scoring an approximately EUR 502 million increase compared to 31 December 2024, mainly due to the net proceeds related to the rights issue capital increase completed in November 2025, as well as to cash advances related to orders largely collected in Q4 2025.

The year 2025 marked a further consolidation of the significant results achieved during the previous financial year, both in the space sector and in the defense sector.

Regarding the space business, the launch activities of Vega C have continued successfully, completing several missions over the past year. On December 1st, 2025 Vega C successfully completed the VV28 mission, putting in orbit the KOMPSAT-7 (KOrea Multi-Purpose SATellite-7) for the Korean Aerospace Research Institute (KARI). This important achievement follows the success of VV27 and VV26 missions, completed respectively on July 26, and April 29, which placed in orbit the four CO3D satellites (Airbus), the MicroCarb satellite (CNES), and the Biomass satellite (ESA). The success of these missions confirms the reliability and versatility of the Vega C launcher and further strengthens the commercial partnerships established with major institutional and private customers.

In parallel, Ariane 6 launches also continued throughout the year. Avio is partner of the Ariane 6 program providing the solid rocket boosters P120C and the liquid oxygen turbopumps for the core stage Vulcain 2.1 engine and the upper stage Vinci engine. Following the missions of March 6, August 13, Ariane 6 successfully completed missions VA265 and VA266 on November 4 and December 17, placing in orbit Sentinel‑1D satellite and two Galileo satellites, respectively. Avio will continue to provide P120C boosters, which will be used in a two or four boosters configuration to carry larger payloads. In this regard, in November 2025 Avio and ArianeGroup signed an important contract for over EUR 200 million for the production of Ariane 6 items through 2029, including the P120C/P160C boosters and the liquid‑oxygen turbopumps.

The year 2025 was also marked by significant agreements regarding the redefinition of the European launch system. With the approval of the new Launchers Exploitation Declaration (“LED”) on July 10, 2025, Avio has been officially designated as the launch service provider for the Vega launcher family. Moreover, on August 19, 2025 the French government has granted Avio a ten-year administrative license to carry out Vega launcher operations from the Guiana Space Centre. For the first time, an Italian company is entrusted with providing access-to-space services, in recognition of its proven technological and industrial capabilities and its strategic positioning within the European space industry.

On 26 and 27 November 2025, the ESA Member States’ 2025 Ministerial Council took place in Bremen, during which important decisions were taken regarding the funding of the European space sector. The European space budget increased by 30% over the previous three-year period to EUR 22.1 billion, the largest in ESA's history. Italy confirmed its leading role in the sector, contributing with ca. EUR 3.5 billion (ca. +12% compared to the subscriptions in the 2022 Ministerial Council), accounting for ca. 16% of the total funds subscribed by ESA Member States. Based on such subscriptions, Avio expects new contracts to be awarded for over EUR 600 million in the period 2026-2027 with execution to be completed by 2028-2029 for both development and exploitation of launchers. 

2025 also marked the year in which Avio laid the foundations for a new growth strategy, leveraging on the acceleration of growth opportunities in the space and defense markets in Europe and the United States. On September 11, 2025, the Company’s new Business Plan was approved, together with the launch of a EUR 400 million rights issue aimed at strengthening Avio’s production capacity both in the space and defense businesses, through, more specifically, the construction in the United States of a solid rocket motor manufacturing facility, which is expected to become operational by the end of 2028. The capital increase was approved by the Extraordinary Shareholders’ Meeting held on October 23, 2025 with a higher than 99% majority of the share capital present at the meeting, and was completed on November 20, 2025 with the subscription of 100% of the shares offered, thus confirming the market confidence in the Company’s strategy.

The strategic decisions undertaken by Avio take on even greater significance in light of the continued growth of defense‑related activities recorded in 2025, with orders once again exceeding EUR 250 million over the past year. In Europe, collaboration with the MBDA group was further strengthened through the signing of new production orders, including those finalized in July and December for a total value of approximately EUR 100 million. At the same time, the development of the defense business in the United States advanced further, also paving the way for the establishment of the solid rocket motor manufacturing facility in Virginia. Over the course of the year, Avio strengthened its partnership with the U.S. Government Armed Forces, for example through the signing of a supplemental agreement for manufacturing, assembly, integration and testing of tactical missiles solid rocket motors. Collaboration with Raytheon, leader in defense solutions for the U.S. Government and Allied Demand, also continued, with the signing of purchase order for continued engineering work on the Mk 104 dual-thrust rocket motor (in support of Standard Missile franchise) through the Critical Design Review phase, as well as a memorandum of understanding to support Avio in establishing its U.S. facility. In the final quarter of the year, Avio entered into a similar agreement with Lockheed Martin, effectively granting two of the most prominent global players in the defense sector preferred access to part of the production capacity of the future facility.

The Board of Directors also approved the Guidance for 2026 results, as follows:

Order backlog: EUR 2,000 – 2,100 million 

Net Revenues: EUR 560 – 590 million 

EBITDA Reported: EUR 27 – 35 million 

EBITDA Adjusted: EUR 29 – 37 million 

Net Income: EUR 8 – 13 million 

On the basis of the FY 2025 results, according to the dividend policy, the Board of Directors resolved to propose to the Shareholders’ meeting scheduled for April 28, 2026 the distribution of a dividend equal to EUR 6.8 million (EUR 0.14846 per share). 

The Board of Directors also proposed that the dividends are paid out starting from May 20, 2026, with coupon date on May 18, 2026 and record date on May 19, 2026 in accordance with Article 83-terdecies of the CFA.

As of March 12, 2026, Avio S.p.A. holds 985,747 own shares, equivalent to 2.11% of the share capital of the Company.

Giulio Ranzo, Chief Executive Officer of Avio, commented “For Avio, 2025 represented a year of strong consolidation of its results and a significant strategic turning point. The success of the Vega C missions and the key contribution to the Ariane 6 programme demonstrate the reliability of our technologies and Avio’s central role within the European launcher system. At the same time, the major agreements signed in the defense sector, together with the capital increase successfully completed with full market support, lay solid foundations for a new phase of growth in Europe and the United States, strengthening Avio’s strategic positioning as a leading player in space and defense”.